Demand for and supply of property both down in November

Both demand for properties, and supply of available stock fell in November, according to the National Association of Estate Agents.

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More than four in five (84 per cent) properties sold for less than asking price in November, the highest number since records began in 2013.

In October, 82 per cent of properties were sold under asking price, compared to 76 per cent in November 2015.

In November, the number of house hunters fell by a fifth (22 per cent) from 440 in October, to 344 registered per member branch on average.

The number of properties on estate agents’ books was 39 in November. This is a nine per cent decrease from October when 43 were recorded and the lowest level since July this year.

In November, three in every ten (29 per cent) sales were made to first time buyers (FTBs). This is a three per cent drop from October when a record number of sales were made to FTBs (32 per cent)

The number of sales agreed decreased in November, to an average of eight per branch, down from nine in October and September.

National Association of Estate Agents (NAEA) says managing director Mark Hayward: “Following the EU referendum earlier this year, we faced a few months of low confidence from buyers and sellers, although in October the market bounced back to full form.

“We expect this is still the case, and this month’s slow-down is simply down to seasonality – many sellers hold off until January to put their properties on the market, and likewise buyers are more inclined to start the year with a property search, rather than attempting it over Christmas.  Likewise, although a large number of sales were made below asking price in November, this can also be put down to the time of year.”